Housing credits leverage private investment, create jobs, bring in revenue for local and state economies and do not impact local or state budgets

Chicago - Nearly 700 affordable rental apartments will be built or preserved across Illinois thanks to Housing Credit allocations approved by the Illinois Housing Development Authority (IHDA) on Friday, June 27.

The Housing Credit is the most successful federal affordable housing program in our nation's history, producing and preserving close to 100,000 affordable rental homes annually through public-private partnerships.  It creates quality affordable housing for working families and people with special needs (such as the elderly, the disabled, veterans and the homeless) in urban, suburban and rural communities throughout the country.

Since its creation in the Tax Reform Act of 1986, the Housing Credit has enabled IHDA to provide a critical financing tool for the development of 80,000 units and created an estimated 80,000 jobs in Illinois.  Since Governor Pat Quinn took office, 16,450 units have been built and an estimated 16,000 jobs have been generated across the state thanks to the Housing Credit program.

"Governor Pat Quinn is dedicated to leveraging public-private partnerships to meet the affordable housing needs of working families, seniors and people with disabilities," IHDA Executive Director Mary R. Kenney said. "Our communities improve as a whole when low- to moderate-income residents have options for affordable housing, and these new developments will create quality full-time jobs that keep our economy moving."

The Housing Credit contributes more to the creation of housing than any other federal housing resource. Housing Credits generate private investment in affordable housing when the credits are sold to private investors. The equity generated reduces the debt that the developer would otherwise have to borrow, and as a result, a property can offer lower rents.  The Housing Credit serves those whose income is 60 percent or less of the area median income (AMI) or $30,420 for a one-person household in the Chicago metropolitan area and $29,280 for a one-person household in the Springfield area.  However, the Housing Credit exceeds this requirement by assisting households well below that limit.

Private investors, not the Federal Government or the taxpayer, bear the risk.  Housing Credit properties perform well and have an extraordinarily low foreclosure rate of only 0.62 percent over the history of the program.

The Tax Credit allocations approved on Friday will generate an estimated $89 million in private equity to support 13 developments and more than 1,400 jobs across Illinois. Demonstrating the State of Illinois' dedication to improving the quality of life for people with disabilities or special needs, nearly one-half of the total units will be supportive housing, providing more options that enable residents to live independently in the community of their choice.

Developments approved for financing include an innovative renovation of a former nursing home and the replacement of foreclosed single family properties with new two, three and four bedroom homes for working families.

A complete list of the developments approved for Housing Credits is below. For more details, visit www.ihda.org/developer/approvedProjects.htm.

• Humboldt House (Chicago)
• Reclaiming Southwest Chicago (Chicago)
• Axley Place (Glenview)
• Phil Haven (Wheeling)
• Mundelein Apartments (Mundelein)
• Woodridge Horizon Senior Living Community (Woodridge)
• Macoupin Homes (Staunton, Gillespie & Bunker Hill)
• St. James Place (Pontiac)
• Morton Senior Residences (Morton)
• Diamond Senior Apartments of Princeton (Princeton)
• The Villas at Vinegar Hill (Springfield)
• The Landings at Belle Meadows (Alton)
• Vermilion Disability SLF (Peoria)

About the Illinois Housing Development Authority

IHDA (www.ihda.org) is a self-supporting state agency that finances the creation and the preservation of affordable housing across Illinois. Since its creation in 1967, IHDA has allocated $12.4 billion and financed approximately 240,000 affordable housing units for residents of Illinois.

Washington, D.C. - Congressman Dave Loebsack announced today that he will be introducing legislation when Congress return from its July 4^th district work period that would once again require Members of Congress to disclose details of their privately funded travel. Until recently, Members were required to disclose details of travel sponsored by private groups and organizations on their annual financial-disclosure forms. This rule, which had been on the books for more than three decades, was quietly changed by the House Ethics Committee without input from the public or Members of Congress themselves.

"These kinds of backroom deals and changing of the rules in the middle of the night is exactly why Congress has a lower approval rating than cockroaches and traffic jams. It is also the reason the American people have lost faith in those who were elected to represent them," said Loebsack. "The American people deserve to know more and have greater information about who is paying for these often times lavish trips overseas. My legislation will once again require Members of Congress to provide these details on their annual financial-disclosure forms so the American people can easily find the information."

Loebsack's bill will amend the Ethics in Government Act of 1978 and the Rules of the House of Representatives to expand disclosure requirements for privately sponsored travel taken by Members of Congress. Additional details of Loebsack's legislation will be available when it is introduced.

As someone who grew up in poverty, I know that education can change lives and I wouldn't be here today had it not been for the great public education that Iowa offers. Access to a quality education for all should be one of our nation's top priorities and the best ideas for how to improve education come from those working on the ground. That is why I recently visited schools across Iowa on an "Our Schools, Our Future" tour.

During these visits, I had the opportunity to meet with students, teachers, and school administrators to hear their thoughts and concerns about education in Iowa. As a former educator I firmly believe that for our country to continue to be the great power that it is, we must ensure all children have access to a high-quality education from preschool to college.

You may also have heard that I was recently chosen by my colleagues to serve as the Ranking Member, which is the senior most minority party Member, of the House Education and Workforce Committee's Subcommittee on Early Childhood, Elementary and Secondary Education. In this role, I will work on a bipartisan basis to ensure our students and teachers have the resources they need to succeed.

Every Iowa child deserves to receive a world class education that prepares them for success for years to come. I look forward to bringing the insight provided by Iowa students and teachers on the "Our Schools, Our Future" tour back to Washington.

Sincerely,

Dave Loebsack
Iowa's Second District